US stocks were little changed on Monday as investors assessed rising oil prices and prepared for a busy week of corporate earnings and inflation data. The major averages ended the previous week on a positive note, supported by gains in technology stocks, and market participants are now looking for fresh cues to sustain the rally.
The S&P 500 rose 0.11% to 7,819.24, while the Dow Jones Industrial Average gained 0.25% to 51,783.23. The Nasdaq Composite slipped 0.11% to 27,333.28.
Shares of Micron Technology fell more than 3% as investors assessed rising competition from China's ChangXin Memory Technologies (CXMT), which reported progress on a new chip structure.
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Oil prices edged higher in early trading, adding to concerns about inflation and the outlook for interest rates. West Texas Intermediate crude futures advanced around 1% to approximately $93 a barrel, while Brent crude gained about 1% to trade near $105 a barrel.
Crude prices rose after US President Donald Trump announced an energy ceasefire between Russia and Ukraine over the weekend. However, Ukrainian President Volodymyr Zelenskyy subsequently said Moscow had already violated the agreement, raising doubts over the prospects of easing geopolitical tensions.
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Elevated oil prices remain a concern for equity investors, as sustained increases in energy costs can push up inflation and complicate the outlook for monetary policy.
Investors are turning their attention to the third-quarter earnings season, which gathers pace this week with results from some of the biggest US banks. Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo are among the lenders scheduled to report their results.
September inflation data will be another key driver of market sentiment. The consumer price index (CPI) is scheduled for release on Wednesday, followed by the producer price index (PPI) on Thursday. The readings could influence expectations for the Federal Reserve's interest-rate decisions, particularly as rising energy prices threaten to keep inflationary pressures elevated.
Monday also marks four years since the beginning of the S&P 500's current bull-market run, which followed the index's closing low of 3,577.03 in October 2022. The benchmark has more than doubled since that low, reflecting the strength of the broader equity rally over the past four years.
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